Companies and Brands
CEO Departure Overshadows Bright Earnings at Campbell
Published:
Last Updated:
Campbell Soup Co. (NYSE: CPB) released its most recent earnings before the markets opened on Friday, as well as some news that was hard for investors to swallow. Despite results meeting and beating expectations, shares slumped following the announcement that the CEO would be abruptly leaving the company.
The soup-maker said that it had $0.70 in earnings per share (EPS) on $2.13 billion in revenue. The consensus estimates from Thomson Reuters had called for $0.61 in EPS on revenue of $2.14 billion, and in the same period of last year, Campbell said it had EPS of $0.59 and $1.85 billion in revenue.
Organic sales were comparable to the prior year as gains in Global Biscuits and Snacks and Campbell Fresh segments were offset by declines in Americas Simple Meals and Beverages segments.
Looking ahead to the 2018 fiscal full year, the company expects to see EPS in the range of $2.85 to $2.90 and net sales growing between 11% and 12%. The consensus estimates call for $3.13 in EPS on $8.76 billion in revenue.
Campbell’s segments reported as follows:
As for the transition in leadership, Denise M. Morrison, president, chief executive and a director, has chosen to retire effective immediately. Keith R. McLoughlin, a Campbell board member since 2016, has been named interim CEO and will remain a member of the board to facilitate an orderly transition.
Shares of Campbell Soup were last seen down over 11% at $34.66 on Friday, with a consensus analyst price target of $45.60 and a 52-week range of $34.35 to $59.14.
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.